Turkcell (TCELL) 4Q25 Financial Results

Turkcell announced its 4Q25 financial results, posting TL 62,819mn in net sales, TL 25,792mn in EBITDA, and TL 3,594mn in net profit. The reported figures came in around 1% and 5% above market expectations on the revenue and EBITDA lines, respectively, while net profit was approximately 4% below consensus. Overall, the results point to a broadly in-line picture. We view the results as neutral. Accordingly, we maintain our 12-month target price of TL 148 for TCELL, continue to include the stock in our model portfolio, and reiterate our BUY recommendation. Our target price implies a 38% upside potential from the last closing price.